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The US stock market closed up Tuesday as Americans voted in the final hours of the presidential election. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all rose between 1% and 1.4% Tuesday, after all three indexes saw a dip at the end of last month.
Markets are somewhat in limbo as Wall Street awaits the results — vote counting procedures and other potential delays could mean some states, including swing states, may take longer to call than others.
“The bottom line for markets is the presidential election may lead to near-term uncertainty, but that uncertainty should fade as the results are reported and the policy priorities (as well as the congressional latitude the president-elect will enjoy) will come further into focus,” wealth management firm Glenmede’s Jason D. Pride wrote in an email.
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Popular “Trump trades” also ticked up Tuesday, including shares in private prisons, gun companies, Bitcoin, and the gold spot price. Shares in Trump’s own media company, which owns social media platform Truth Social, rose through the day until mid-afternoon, when it plunged 10% and closed below Monday’s final price. The increase temporarily added $600 million to the candidate’s net worth, Forbes reported.
Retail stocks, which could suffer under Trump’s proposed tariffs, were also up across the board. Meanwhile, US chipmaker Nvidia overtook Apple Tuesday as the most valuable company in the world by market share, Bloomberg reported.